CBI REGISTERS TWO SEPARATE CASES AGAINST CERTAIN DIRECTORS OF PUNJAB BASED PRIVATE COMPANIES & OTHERS ON THE ALLEGATIONS OF CHEATING THE BANK OF INDIA, AND CONDUCTS SEARCHES

Press Release
New Delhi, 29.03.2018

The Central Bureau of Investigation has registered two separate cases on a complaint from Bank of India against certain Directors of Private Companies based at Punjab and others on the allegations of cheating the Bank of India to the tune of Rs. 61.01 crore (approx) and Rs. 28.30 crore (approx) respectively.

The first case was registered u/s 120-B r/w 420, 467, 468 & 471 of IPC & Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 and substantive offences thereof against a private rice mill based at Mandi Gurdaspur (Punjab) & its four Directors; another Private Firm based at Swank Mandi, Amritsar(Punjab) and unknown persons & unknown Public Servants.

It was alleged that the accused persons, in pursuance of a conspiracy induced Bank of India to sanction credit facilities on the basis of forged / fabricated stock statements, balance-sheets etc. and cheated the bank without repaying the loan to the tune of Rs. 61.01 crore (approx).

The second case was registered u/s 120-B r/w 420, 467, 468 & 471 of IPC & Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 and substantive offences against a private Agro Tech Company based at Mandi Gurdaspur (Punjab) & its four Directors; another Private Firm based at Mohan Market, Pathankot (Punjab) and unknown persons & unknown Public Servants.

It was alleged that the accused persons, in pursuance of a conspiracy induced Bank of India, to sanction credit facilities on the basis of forged / fabricated stock statements, balance-sheets etc. and cheated the bank without repaying the loan to the tune of Rs. 28.30 crore (approx).

Searches were conducted today at various locations including Hoshiarpur, Gurdaspur, Amritsar & Pathankot (all in Punjab) which led to recovery of incriminating documents.

Investigation is continuing.

 

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